SEOUL, January 10 (AJP) - South Korea has achieved a historic milestone in the global construction industry, with its companies securing a cumulative $1 trillion in overseas construction contracts.
According to the Ministry of Land, Infrastructure, and Transport, Friday, South Korean firms won $37.11 billion in international contracts in 2024, pushing the total to $1.009 trillion since the country first ventured into overseas construction nearly six decades ago with Hyundai Engineering & Construction securing a contract to build a highway project in Thailand in 1965.
Over the years, South Korea's construction industry has evolved in scale, expertise, and global reach.
While South Korean construction firms have historically focused on the Middle East and Asia, which account for more than 80 percent of cumulative contracts, recent years have marked a strategic pivot toward more diverse markets.
Between 2022 and 2024, North America represented 19.3 percent of new contracts, while Europe accounted for 10.4 percent.
In its early years, South Korea’s overseas construction efforts were centered on civil engineering and building projects.
However, advancements in technology and a surge in demand for industrial facilities, such as petrochemical plants, have shifted priorities. Over the last three years, industrial projects have accounted for 52.4 percent of new contracts.
South Korea’s overseas construction achievements include several landmark projects, such as the construction of the UAE Nuclear Power Plant worth $19.13 billion in 2009 and Iraq Bismayah New City Project worth $8.03 billion in 2012.
Saudi Arabia has consistently been South Korea's largest market, representing 17.7 percent of cumulative contracts, followed by the UAE (8.4 percent), Kuwait (4.9 percent), Singapore (4.8 percent), and Vietnam (4.8 percent). Recent diversification efforts have included the United States, which represented 16.9 percent of contracts secured between 2022 and 2024, alongside Qatar, Indonesia, and Hungary.
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